Nov 10, 2010 (SmarTrend News Watch via COMTEX) -- China Automotive Systems, Inc. (NASDAQ:CAAS) was upgraded from Neutral to Buy at Global Hunter Securities Wednesday.
Global Hunter Securities has a price target of $18.50 for the firm.
China Automotive Systems manufactures power steering systems and other related products for different segments of the automobile industry in China.
The company focuses on parts, accessories, and new technologies.
China Automotive is also targeting customers in North America, the Asia-Pacific countries, and the Middle East.
China Automotive Systems has a potential upside of 30.7% based on a current price of $16.20 and an average consensus analyst price target of $21.17.
China Automotive Systems is currently above its 50-day moving average (MA) of $15.83 and should find resistance at its 200-day MA of $18.34.
In the last five trading sessions, the 50-day MA has climbed 1.33% while the 200-day MA has slid 0.26%.
Shares of the firm are trading up 3.76% on the news, at $16.29.
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Copyright, Comtex News Network, Inc. 2010
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